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1, Bidder and Surety, jointly and severally, bind themselves, their Ov,-ner upon default Bidder n any difference between o the total amount of Bidder's bid and the total amount of the bid of the next lowest, responsible and responsive bidder as determined by Owner for the Work required by the Contract Documents, provided that: l 1 If there is no such next lowest, regportsibic and responsive bidder, and Owner does not abandon the Project, then Bidder and Surety shall pay to Owner the penal sum set forth on the fact of this Bond, and 1.2. in no event shall Bidder's and Surety's obligation hereunder exceed the penal sum sett forth on the face of this Bond. 2. Default of Bidder shall occur upon the failure of Bidder to dciiver within the time required by the Bidding Documents (or any e=mion thereof agreed to in .writing by Owner) the executed Agreement required by the Bidding Documents and any performance and payment bonds required by the Bidding Documents and Contract Documents. 3. This obligation shall be null and void if. 3,1, Owner accepts Bidders bid and Bidder delivers within the time required by the Bidding Documents (or any extension thereof agreed to in writing by Owner) the executed Agreement required by the Bidding Documents and any performance and payment bonds required by the Bidding Documents and Contract Documents, or 3.2. All bids are rejected by Owner, of 3.3. Owner fails to issue a notice of award to Bid& within the time specified in the Bidding Documents (or any extension thereof agreed to in writing by Bidder and, if applicable, consented to by Surety when required by paragraph S hereof). 4. Payment under this Bond will be due and payable upon default by Bidder and within 30 calendar days after receipt by Bidder and within 30 calendar days aRcr receipt by Bidder and Surety of written notice of default from Owner, which notice will be given with reasonable promptness, identifying this Bond and ncc project and including a statement of the amount due. S. Surety waives notice of and any and all dcfcnses based on Or arising out of any time extension to issue notice of award agreed to in writing by Ov-ncr and Bidder, provided that the total time for issuing notice of award including extensions shall not in the aggregat.c exceed 120 days from Bid Duc Date without Surety's wrinen consent. 6. No suit or action shall be commenced undcf this Bond prior to 30 calendar days after the notice of default requircd in paragraph 4 above is received by Bidder and Surety and in no case later than ar one ye after Bid Due Dale. 7, Any suit or action under this Bond shall be commenced only in a court of comprtcnt jurisdiction located in the state in which the Project is located. g. Notices rcquircd hereunder shall be in writing and sent to Bidder and Surety at their respective addresses shown an the face of this Bond. Such notices may be sent by personal delivery, commercial courier or by United Stats Registered �or crtif ed Mall, return receipt requested, postag e pre-paid, deemed to be effective upon receipt by the party concerned, 9, Surety shall cause to be attached to this Bond a current and effective Power of Attorney evidencing the authority of the officer, agent or rcpresentative who executed this Bond on behalf of Surcty io e;:ecute, seal and dciiver such Bond and bind the Surety thereby 10. This Bond is intended to conform to all applicable statutc v rcquiremcnts. Any applicable requirement of any apF statute that has been omitted from this Bond shall be deemed to be included herein as if set forth at length. if any provision of this Bond conflicts with any applicable pros.ision of this Bond conticts with any applicable provision of any applicable statute, then the provision of said statute shall govern and the remainder of this Bond that is not in conflict therewith shall continue in full force and effect_ it. The term "bid" as used herein includes a bid. offer or proposal as applicable• Bid Bond 00401 -2 03- 4138.B